Access to Access #2a - Jim Willie, Part II


We conclude our conversation with Jim Willie with this second podcast. In this segment, we discuss China and the eventual move away from dollar hegemony as well as the continuing raid on the GLD and other stores of physical gold around the world. We then conclude with some miscellaneous topics and a new feature I call the "Final Four". I hope you find this second installment to be entertaining and informative.


Aug 10, 2013 - 1:30am
Spartacus Rex
Aug 10, 2013 - 1:44am

FIrst (To Hat Tip!) Hey TF...

Any Luck contacting Grant Williams for an interview yet? Thanks.

Aug 10, 2013 - 1:48am

Indian villagers defeat British billionaire over plans to mine

7:52PM BST 09 Aug 2013

Anil Agarwal, who rose from humble beginnings as a scrap metal dealer in one of India's poorest states to a life of luxury in London's Mayfair, had planned to boost his fortune by mining and processing bauxite in Niyamgiri, Orissa, south East India. He promised to bring new jobs, build schools and hospitals to bring the hill's 'backward' Dongria Kondh tribesmen into the modern world.

Anil Agarwal, Chief Executive of Vedanta Resources. (JUSTIN SUTCLIFFE FOR THE TELEGRAPH)

His plan however, which was agreed with the Orissa state government as far back as 2005, infuriated the Dongria who saw the proposal as an attack not only on their way of life but also on 'Niyamraja', the sacred hill they worshipped as their provider. They launched a protest movement to save their verdant tropical forest paradise populated by tigers, leopards and elephants from Mr Agarwal's plans to replace its mango and sal trees with mine shafts and busy roads.

A lady listens to proceedings outside the meeting hall. (Simon De Trey-White)

And this week they clinched a decisive victory. Lakhapadar, the largest of twelve Dongria villages on Niyamgiri, rejected the mine plan unanimously in a vote described by an Indian minister as a historic moment in the country's democracy – the first time the government had allowed its tribal people to decide their own future.

The Dongria speak Kui, a language few outsiders understand, and live in remote mud hut villages with little contact with the outside world. They live without electricity, have no access to television, and have survived without schools and hospitals. Few, if any, of them have ever been to the nearest town, Bhawanipatna, two hours away by car or watched a Bollywood film.

Aug 10, 2013 - 2:04am

I've never done this before but...

what the hey.... fourth!

Roger Rocker
Aug 10, 2013 - 3:20am

Last Night

I researched after reading those silly posts, and now I know my first impression was right, Dr. JW does have a very large and strange head.

I believe he knows his business.

Stack on!

Urban Roman
Aug 10, 2013 - 4:03am

Note the gold

... nose rings the Indian villager is wearing. I bet that's real gold, too. At least 18 K.

Aug 10, 2013 - 4:24am

Regarding US Treasuries and

Regarding US Treasuries and China - they're still at it. Right now the Fed is the largest US bond holder at close to 2 trillion, but China has not given up on them either, increasing their holdings from 700 billion in 2008 to 1,3 trillion right now.

China still needs to send the US their cash to buy their products. This will probably continue for a couple of years. Don't expect any substantial selling to occur any time soon, if even within this decade.

Urban Roman
Aug 10, 2013 - 4:56am


... tiddlywimks. Trouble is, it's so hard to flip the horsies and bishops into the little cup. Just listening to the last of the interview.

'nite, all.

Aug 10, 2013 - 5:12am

Lol the last question, please

Lol the last question, please someone translate that word for word. I think his english translation wasn't quite word for word accurate :).

Great segment, lots of info. I like Egon von Greyerz and Steven Leeb and a few others, but Jim Willie is my favorite listen. Can't think of anyone who I'd rather listen to talking about PMs and all kind of stuff.

Aug 10, 2013 - 5:57am


Probably just me but I can't get the Podcast to play. I'm not having bthe problems with other Pods?

Aug 10, 2013 - 7:02am

Jim Willie

Following earlier post, I was able to listen only after downloading the Podcast.

I think Jim is great and I, personally, would rather have my Gold holdings in physical but, perhaps in part as a "Devil's advocate", we can't have it both ways and, in defence of GLD as follows:

  1. In discussing the Shanghai premium correlating to physical withdrawals from GLD. As a statistician, Jim knows very well that Correlation is NOT the same as causation.
  2. There IS physical Gold in GLD, it's just that small investors can't get to it. If there were no Gold in GLD, the AP's would not be able to take it out and thereby reduce the total inventory.
  3. I have many highly intelligent investor friends who don't necessarily WANT the agravation of holding physical Gold and do not view Gold the way we do here. These folks are happy to take a Fiat gain in GLD after the price of Gold rises. If Gold goes to $2K per oz. again, the price of GLD shares will reflect the new price and these investors will be happy to take profits in Fiat at that time.
  4. The price of GLD units accurately reflect the spot price of Gold. For every share that is sold, there has to be a buyer. This does NOT in itself, result in ANY change in GLD inventory because the number of GLD shares outstanding remains exactly the same. It takes an AP to buy 100K shares in GLD to withdraw physical inventory, at which point, the inventory declines and the number of GLD shares outstanding declines commensurately.
  5. In view of ALL of the above, I truly can't see what is wrong with GLD as such for people who just want to profit from the change in the price of Gold and who are Fiat-based investors, perfectly prepared to take profits in Fiat.
  6. By the way Jim, Australia IS an Island (The world's largest in fact) AND Hong Kong has an enormous problem with the polution coming down from Guangzhou and Guangdong Province.
Aug 10, 2013 - 7:09am

I can't listen to the

I can't listen to the "Willie" much more after the "Nukes under Japan" comment.

Discredited most everything being said with such a comment. sorry

Urban Roman
Aug 10, 2013 - 9:39am

Hey Turd,

It seems awfully slow in here. Did your webmonkeys mess up a script or something?

We saw some complaints of unresponsiveness, and now only a handful of folks are posting.

It's working for me using Ubuntu/Firefox, and I haven't flushed my cache for several days.

... FWIW

Aug 10, 2013 - 9:47am

jim willie narrates conspiracy theories as if they were

truth already verified. a lot of what he says is covered by sources throughout the gold/silver communities. his value is his tongue-in-cheek, sensational effects.

sinclaire warned about a final washout that the manipulators would orchestrate to flip to the long side.

nuke to cause japan's earthquake/tsunami may be very hard to believe. but we live in a world where elites took down wtc and killed thousands in order to launch wars.

which one is truly harder to believe?

Aug 10, 2013 - 9:58am

For Mr. Willie's Critics

At least two commenters have referred to one specific point of Mr. Willie's as farcical, rendering him literally incredible. I invite critical observation:

As for JFK, Mr. Willie said that he did not specifically believe the Greek tale, but that it comes from sources who should not be discounted, and hence he feels the "theory" should not be dismissed out-of-hand.

Aug 10, 2013 - 9:59am

Saturday Morning News: World

Obama's Pullback Dooms the Mideast - David Francis, The Fiscal Times

Germany Sleeps on a Volcano - Jurgen Habermas, Der Spiegel

The Secret Blueprint for al-Qaeda's Jihad - Rukmini Callimachi, AP

Egypt's Path to Democracy - Sens. McCain & Graham, Washington Post

Dream of Muslim Democracy Is Dead - Yasmin Alibhai-Brown, Independent

Obama Waffles and Fails in Egypt - Jonathan Tepperman, NYT

China's Syria Connection - Hugo Brennan, The National Interest

Don't Hold U.S.-Russian Ties Hostage to Snowden - Nikolas Gvosdev, WPR

Neocons vs. Isolationists: Let the Fun Begin - Matthew Duss, Am. Prospect

Polygamy Could Help Russia - Zotin & Kvasha, Kommersant/Worldcrunch

Japan Should Learn from History - Lu Yu, Xinhua News

Italian Politics: Racist or Insane (or Both)? - Tim Hedges, The Commentator

Why Europe May Play a Big Role in Palestine - Alan Philps, The National

How Many Acid Attacks Occur in the World? - Tom de Castella, BBC News

Why I Hate the English Countryside - Toby Young, The Spectator

The BBC's Intergalactic Export - Ludovic Hunter-Tilney, Financial Times

Assad May Be Losing the Financial Battle - The Economist

The Latest Gruesome Outrage - Dawn

Conservatives Dumping "Detoxified" Tories - Daily Mail

A Troubling Repression in Myanmar - Los Angeles Times

The Dangers of Intervention in Syria (PDF) - Cato Institute

Algeria's Critical Juncture - Institute for Near East & Gulf Military Analysis

Everything You Need to Know About U.S. Aid to Egypt - ProPublica

Syria: Deterioration or Compromise? - Oxford Research Group

Obama's War by Wordplay - Charles Krauthammer, Washington Post

Dealing with the McQaeda Franchise - Fareed Zakaria, Time

How al-Qaeda Won the Arab Spring - Marc Lynch, Foreign Policy

Iran's Plan B for the Bomb - Amos Yadlin & Avner Golov, New York Times

Feebleness in the Executive - William Kristol, Weekly Standard

The Wrong Way to Punish Putin - Daniel Treisman, Foreign Affairs

Why American Primacy Is Not Assured - James Holmes, The Diplomat

Greece Becoming the New Kosovo - Ambrose Evans-Pritchard, Telegraph

Will Marina Berlusconi Carry on the Dynasty? - Maria Corbi, Stampa/WC

Haiti: Different Faces, Same Corruption - Frandley Julien, Miami Herald

Politics a Blood Sport in Australia - John McTernan, The Scotsman

Why Are Foreigners Fleeing India's Economy? - Jason Overdorf, Global Post

Britain Should Embrace Rising Power Nigeria - Ian Birrell, The Guardian

Israel and the Gulf States: It's Complicated - Raphael Ahren, Times of Israel

Brazil's Problems May Be Just Beginning - Tim Fernholz, Quartz

Egyptians Outraged by Outreach to Brotherhood - R. Ibrahim, PJ Media

Russia: The Next Third Reich? - Anna Nemtsova, The Daily Beast

Aug 10, 2013 - 10:04am


sorry, but as soon I saw "Willie part #2", I started gigling, saying to myself, OH GOODIE, as you just know you are in for a real show, Dr Willie always gets you pumped up!!

Americans taking notice:

Gross Google Statistic Highs, Americans Taking Notice
2012 Presidential Run, 12,300, 18,300, 18 (2009-2012 100-VotesOralComm)
2016 Presidential Run, 28,100, 90,700, 51 (2013-2016 008-VotesOralComm)
(Updated Periodically 2013-2016)

Turd has his name and big yellar, an excellent trademark, but I got Major General Uncle Billy T Sherman trademark, (liberating his countrymen and burning paper money in the march to the sea, and thanks of congress), that will out do that big yellar. Got out the tux shirts, broke out the diamond gold bobbles, resizing 3 gold rings been 20 years, belts remade, etc, for the presentations. On 8/13/13 will make my first campaign presentation, in full battle uniform, glittering of course, to a very small group of Orange County Libertarians, those poor things have not seen nothing yet.

Bachman Turner Overdrive - You Aint Seen Nothing Yet

Libereen Freedom Platform

Libertarian Presentation of Freedom Platform

Its Time to Start Campaigning

Invitation to the Libertarians

Video unavailable

Present thinking is to have Senator Rand Paul run as and become VP, but he would have a highly active, visible and indispensable role, mostly before congress to help the administration press forward necessary bills before congress, thereby grooming Senator Rand Paul for the Presidency in 2020, after perfecting dynamic changes to right the ship of state and restore Freedom, Liberty, and the Republic for which the US flag should stand.

This day sent tweets to DNC GOP GreenParty NRA TeaParty ConstitutionParty.

Now, with some jet fuel, (coffee), its on to Dr Willie, and Green Eggs and Ham.

James G Rickards / China Out of the Hat

Aug 10, 2013 - 10:45am

@Urban Roman

From here in Indonesia, I never have problems connecting but I DO still have problems refreshing the site and frequently have problems with a "Narrow" view on refreshing. According to Admin, this a cache and/or Java script issue so I guess I must clear the cache each time before I refresh TFMR and/or disable scripting, which causes other problems Wish I had the time? These problems, for me, are unique to TMFR. I use mostly Windows 7 and Firefox over a 4Mbps connection.

Aug 10, 2013 - 11:08am

Just For Kicks...

...While doing a little business at Bank of China in Beijing (very little business, mind you), I decided to ask about buying gold or silver. Among a very few specialty items, they offered a 1 oz. silver Panda for something around US $65, but they also had one of those 100-year BoC anniversary silver Pandas. I was sorely tempted, but they were looking for around US $110 for it. I wanted it, but I'm not just made of money, and it was overpriced, so I reluctantly passed.

Something that struck me was the nonchalance with which the representative was willing to pass the gold and silver to me through the slot in the bullet-proof glass.

Nick Elway
Aug 10, 2013 - 11:13am

Believe in ANY conspiracy theory.. Robert Anton Wilson

I've been looking for the exact quote(s) but it goes something like:

"Believe in ANY conspiracy theory for thirty days and you will then find hard facts that support that theory"

RAW did this often, for a variety of outlandish beliefs. In his writing he documented how "entering a belief system" caused that belief system to be verified. He even wrote fiction how a revolution in Fernando Poo started a world-shaking chain of events. After the book came out, the revolution in Fernando Poo happened, although it didn't really shake the world. This isn't as simple as "delusion", anybody can enter a belief system and the real world will support the belief system.

A good read, changed my life:

Aug 10, 2013 - 11:22am

In defense of the JA

when he proposes "conspiracy theory" that seems crazy...

Think about the last 50 years and the lies you have been told, which later were revealed....and the folks that were early, called out the lies were ridiculed and called crazed conspiracy theorists...or even here, where folks who have this INSANE notion that evil bankers are somehow capable of manipulating the PM market, suppressing prices....yeah, right...where are those WMD's? Did anyone lose a job over that bad intel? Banks would never manipulate markets (LIBOR). Banks would never launder drug money (search NY Times-Wachovia, Wells Fargo, BAC)....come on-

at some point, you have to grow up and observe the painful truth. We live in a world that is controlled by power hungry psychopaths...which makes a lot of sense, actually - if you study psycho's- all they want is power, so of course, they are going to end up running things....they exist! They will gravitate towards control - and then they will behave as they are - like a psycho!

Only a psychopath would unleash a nuke undersea to create a tsunami.....maybe....Michael Chrichton (a freaking genius -who died early of Arron Russo) proposed the undersea Nuke in his fictional, yet politically topical book "State of Fear", written in the late 90's......great book, and on the mark it now seems....

I don't know what happened, but knowing all the BS that I have seen in the last 50 years, that was later revealed as BS, I would not discount anything until I actually knew the truth - and you will never get the truth from the MSM, so quit citing or even reading it...

Stay Thirsty my friends....I don't always drink BS, but when I do, I prefer to not drink from the fountain of corrupted propaganda MSM, I drink from the alternative media, blogosphere..

I am still having difficulty processing "The towers came down from the impact of the planes combined with the jet fuel fire....except for that third building which had no jet fuel or plane impact....." uh-huh- the old sympathy implosion theory........and Larry Silverstein made profit of over a billion dollars on his insurance claim ($4.6 b payout).....profit.....who profits on burning down their property? Most folks barely break even....the truth for most folks is the idea that 9/11 was intentional is impossible to process, but once you just start to explore it - nothing adds up and the whole thing stinks.....and then when you read the Project for New America Century, written by what would become the Bush Administration 3 years before that!, they specifically cite a new Pearl Harbor is necessary........and voila, 9-11......and nobody investigated, nobody collected the building rubble to construct failure mechanism....nothing....OBL did it, though he denied it (weird, since he claimed many other acts of terrorism).....and lets go jump into the MENA with our soldiers, lose 10,000 or so, give 750,000 PTSD, 80,0000 lose limbs.....

if your BS meter isn't twitching you need a new should be pinned...

stay thirsty my friends, for TRUTH.

BTW, it sure seems to me like the truth of PMs is about to get revealed, in price only.....the MSM will spin this and the PTB will slip out the backdoor.....even though THEY have done the exact opposite of what the Hunts were doing...THEY were cornering the short market....the price suppression...what will they blame it on? Chinese Hoarding?

I go in peace...Jim Willy rock on!

Aug 10, 2013 - 11:30am

Random OT: Things to worry about at the beach...

Swedish men told to beware testicle-munching fish

Experts have warned Swedish men to keep their swimming trunks on if taking a dip in a sound off the country's southern coast, after a South American fish known for attacking testicles was discovered in the area.

A pacu fish is a relative of the piranha and is most commonly found in the Amazon region. Photo: Alamy

12:16PM BST 10 Aug 2013

The alert came after a fisherman in the Oresund Sound last week retrieved a 21 centimetre pacu - a relative of the piranha that is most commonly found in the Amazon region.

"Keep your swimwear on if you're bathing in the Sound these days - maybe there are more out there!" cautioned the National History Museum in neighbouring Denmark.

The freshwater fish, which can grow up to 90 centimetres and weigh up to 25 kilogrammes, has been nicknamed the "ball cutter" for its attacks on the male genitalia.

In areas where pacus proliferate, fishermen have reportedly bled to death after losing their testicles to the fish's crushing jaws.

Found in most rivers in the Amazon and Orinoco basins in South America, they have also been spotted in Papua New Guinea, where it is believed they have been introduced to boost fish stocks. Discoveries have also been reported in several US states; in 2006, officials at one Texas lake reportedly put a $100 bounty on the pacu caught there.

But this is the first time a pacu has been caught at sea in Europe, the museum said.

"The pacu is not normally dangerous to people but it has quite a serious bite, there have been incidents in other countries, such as Papua New Guinea where some men have had their testicles bitten off," Henrik Carl, a fish expert at the Danish museum, said.

"They bite because they're hungry, and testicles sit nicely in their mouth," he told The Local.

"And its mouth is not so big, so of course it normally eats nuts, fruit, and small fish, but human testicles are just a natural target. It's not normal to get your testicles bitten off, of course, but it can happen, especially now in Sweden."

The pacu was similar in appearance to its notorious cousin, the piranha, he said.

"They are almost identical to the piranha, you couldn't even tell from the outside. It's just that they have different teeth. Flatter and stronger, perfect for crushing," he added.

Mr Carl said that the discovery of one pacu - which is currently undergoing DNA tests to confirm its identity - should not keep Swedish men out of the water. But if more were found in the area, it could become a serious issue, he suggested.

"This one was the first, but who knows, it's probably not the last."

Jakarta Expat
Aug 10, 2013 - 11:49am

@DPH LOL You were quick off the mark as I just came here to...

to post the same ball biter story for the Swedes here. Oh and for those visiting SE Asia the same Pacu fish is prevalent in East Indonesia and Papua New Guinea but I am cool as I only swim commando style in our pool in the backyard..

49Pan Occasnltrvlr
Aug 10, 2013 - 11:51am

Jim Willie is excellent and so are Turdites responses and links

Okay, I got to listen to some BTO, read all of the Turdites comments and then the two links by "Occasnltrvlr" were just outstanding. Way to go everyone, yes you especially TURD!!!

Aug 10, 2013 - 12:17pm

Swedish vacations

I'll bet'cha all the CFTC employees were given an all expenses paid "beach" vacation to Sweden, during the slick-willie administration.

Edit to add: Although I did personally swim in the Orinoco River during slick-willie's second term, I cannot be considered suitable as a candidate for employment at the CFTC, for I was NOT bitten.

Motley Fool
Aug 10, 2013 - 1:23pm

If you dont want me commenting...

Then delete my account. An ip-ban is just crude, and easy to avoid using proxy's.

Aug 10, 2013 - 1:25pm

Fakes, Fakes, and More Fakes,

Or, "Coining New Ways to Separate Greedy Tourists from Their Money"


Last week I returned from a week in the Philippines. The beach around Subic Bay and the surrounding area is filled with itinerant vendors, hawking anything they think a polite or gullible foreigner might be the slightest bit interested in buying. I continually filled the air with polite "No, thank you" 's until this young guy pulled out a "Morgan dollar". I wanted to examine it, to ensure it was in fact the fake I presumed it was, but then he pulled out a couple more fakes.

To cut to the chase, I made clear I knew they were fakes, but wanted to buy them anyway. He eventually acknowledged that they were "copies", and backed down to what I considered a moderately fair price for novelty items. Anyway, my intent was to display them here, which I'll now do. (My apologies for the photos, they aren't very good.)

In summary, they're all too light in weight (averaging 20.9 grams), and fail the "ping" test. If you carry with you a real silver dollar for comparison, the differences should probably be clear to you using only your five senses. (However, a note of caution, excellent fakes are sometimes silver-layered brass, which do come it at the right weight and sound. I did not encounter any of these.)

The first was the Morgan, and it is a very good-looking fake. Even using a small, very-low powered magnifying glass, the lettering and detail are absolutely good enough to fool all but the true collector. The only true flaw is in the date, which doesn't line up perfectly, but it is good enough to fool any complete novice.

The second example is called, I think, a Seated Liberty Dollar. It is clearly a lower-quality fake. Anyone who is appropriately skeptical would notice the date, the shallow strike, and the unusually-clean silver color. However, the lettering is good.

And, lastly for me, the "infamous" 1804 Dollar. I am not a numismatist, and did not understand the gross absurdity of such a rarity being in the possession of an itinerant vendor on a beach in Subic, until after Wikipedia informed me of the true history of the 1804 Dollar. Were it not for the obvious absurdity, this is another fake that I think would easily fool the unsuspecting. The reverse in particular is of good quality to the naked eye.

I was happy to buy these from this young guy, as he was happy to acknowledge that yes, they are fakes. He said he had the very best authentic...copies, with a deep grin.

However, please be fully aware, these were not the only ones I saw. The one that got away was Walking Liberty half dollar. I wanted it, for the same reasons I bought these, to help bring the fakes to light. However, the guy selling the fake half continued to insist that it was genuine, and hence would not relent from insulting my intelligence. It allegedly came from his "grandmother", who apparently also left him with a wad of cheap hematite and wooden necklaces and a few DVD's.

Please share this information far and wide, and, "Let's be careful out there."


P.S., Yes, I just got back from a week in the Philippines. Ha, ha ha, ha ha, nyah, nyah, nyah!

Aug 10, 2013 - 1:27pm

About those fakes...

I bought a "replica" Morgan silver dollar listed as such on ebay and was surprised at the quality. I like showing it to people who know a little bit about coins by handing it to them and asking how they like this old silver dollar. Then I hand them another and say "Here's a real one to compare it to". I always get a very astonished look from them.

benque Occasnltrvlr
Aug 10, 2013 - 1:29pm

Occasnltrvlr-re fakes

Thank you very much for posting your story, observations, and the really good photos. I believe imformation like this is of very high importance to us all. I've copied it, so as to keep it handy at all times.

Also glad that you had a good trip!!!

Aug 10, 2013 - 1:43pm

timing of fukushima

the quake struck when silver touched 35 for the first time in 2011.

Silver dropped for a few days and then resumed the climb.

try to connect the dots...


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